Business In Hi-Tech

The Russian "public blockchain" Vostok is wholly sold

The founder of the closed blockchain platform Vostok, designed for the large business and state sector, fully sold its share in the project.

The buyer is GHP Group owned by Mark Garber, who intends to integrate blockchain technologies into his other projects.

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Vostok has changed its owner

Financial GHP Group of Mark Garber bought the blockchain platform Vostok, acquiring from the founder of the project Alexander Ivanov all his share. GHP Group became the only owner of the project.

As a result of the transaction, Vostok technologies can be integrated into the mining, production and logistics assets of GHP Group, as well as into partner projects. Ivanov is now going to focus on his main project Waves Platform.

Garber said that he will keep the team of managers and developers of Vostok, as the competence of them is confirmed by their participation in the development of a roadmap on technologies of the distributed registry. He calls Vostok one of the leaders of the Russian market of distributed registry technologies, in which he sees the opportunity to bring other projects to a new level.

For his part, Ivanov noted that "the ways of Vostok and Waves diverge more and more", and for him the development of Waves Platform is a higher priority. He intends to focus on the development of the Web3 ecosystem, including projects for large businesses. Waves Platform is also a blockchain project but aimed at unlimited number of users, unlike Vostok. Waves technologies served as the base for Vostok.


Vostok and its investors

Garber is the early investor in Vostok. In December 2018 Ivanov reported that Vostok had attracted $120 million of foreign investment from a group of international investors. Ivanov marked that this is a very large investment, especially taking into account the decline of interest to the blockchain from investors. The entire project was valued at $600 million.

The names of investors have not been announced but it was reported that there were more than 15 investors in the group from Europe, China, Singapore and Russia. One of the investors was GEM Capital. In exchange for money, investors have become owners of 20% of system tokens, allowing them to make transactions through Vostok.

Ivanov planned to spend the raised funds on research and development, marketing, as well as going beyond the usual blockchain.

Topics: Strategic Alliances and Distribution